JPMorgan: the non-spread businesses have compounded through the cycle

Fee lines grew through a period when spread income did not, which is what a diversified franchise is supposed to do and rarely does.

Priya Raman@priya_raman

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Discussion · 2

Omri ShakedAUG 14

Been long since the last one. The channel data is what makes this hard to dismiss. How much of this do you think is already in the buy side's numbers?

Noa BergmanAUG 13

Thanks for showing the workings. The installed base argument is stronger than the cycle argument here. Is there a cleaner way to express this than the equity?

JPMLong

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